BUSINESS

Greek coastal shipping sector underperforming

TAGS: Shipping

The coastal shipping sector showed a reduction in turnover in 2016 but not operating profits, thanks to the significant decline in fuel prices.

The total profits of the four major industry players – Minoan, Attica, ANEK and Hellenic Seaways – amounted to 151.44 million euros, which is at least 25 percent below the projection made for the sector three years ago by McKinsey for Piraeus Bank.

This serves to highlight the extent of the contraction in domestic passenger traffic.

Notably, the sector’s total borrowing was contained considerably, by 11 percent, to 836 million euros in 2016 from 943 million euros in 2015.

In this context, given also that fuel prices are higher than last year, it is hoped that incoming tourism will serve to stabilize the industry this year.

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